NFES, ABAD, Azer Turk Bank sign protocol of intention on cooperation


March 6, Fineko/ A protocol of intention on cooperation has been signed between the National Entrepreneurship Support Fund (NFES), ABAD and OJSC Azer Turk Bank.

The Ministry of Economy reports that the NFES will support investment projects of ABAD through preferential state loans. Azer Turk Bank will direct these loans to entrepreneurs at 4% per annum.

"Since its inception, the NFES has issued preferential loans for AZN 2.1 bn for financing projects worth AZN 4.5 bn. At the same time, 34,600 entrepreneurs received preferential loans from the fund. Out of the total amount of loans issued by the Fund, 75% went to the implementation of projects in the regions of Azerbaijan, 25% - in Baku and the suburbs of the capital," Shirzad Abdullayev said.

According to him, 90% of loans issued through the NFES are small loans.

Within the framework of the event, 12 entrepreneurs, engaged in the processing of meat and fruits, hand-made crafts and other works, were granted loans in the amount of AZN 150,000.